Bank complaints soar even after law changes

Published 12:00 am, Friday, December 10, 2010

NEW YORK (AP) -- Complaints against banks are soaring, suggesting that new laws and regulations put in place since the financial crisis two years ago aren't dampening Americans' anger over overdraft fees and foreclosure practices they view as unfair.

If the trend continues, experts say, it will set banks on a collision course with their customers and lead to tougher rules that will hurt their earnings.

The Office of the Comptroller of the Currency estimates that complaints from customers of the 1,500 banks it regulates will hit 80,000 this year. That would be the highest level in the 15 years it has recorded them and more than double the 2008 total. The Better Business Bureau and state attorneys general also report big increases.